
The Formation of the Federal Reserve
The Early History of America’s Central Banking System
Failed to add items
Add to Cart failed.
Add to Wish List failed.
Remove from wishlist failed.
Adding to library failed
Follow podcast failed
Unfollow podcast failed
$0.99/mo for the first 3 months

Buy for $5.42
No default payment method selected.
We are sorry. We are not allowed to sell this product with the selected payment method
-
Narrated by:
-
David Van Der Molen
About this listen
Debates over paper money and banking are older than the United States of America itself. Eighteenth and 19th century Americans were deeply ambivalent about paper money and central banks, and political fights over these issues were among the bitterest in American history. In fact, controversies over the country’s central bank birthed both the first (1792-1824) and second (1828-1852) party systems. Frequently, policymakers crafted responses to the crisis at hand, and as a result, they implemented policies that were inadequate to the challenges the country faced in the future.
When the national capital relocated to Philadelphia from New York City, Secretary of Treasury Alexander Hamilton set to work on his second major task: the creation of a national Bank of the United States. Hamilton's Bank of the United States was to be privately operated, but owned in part by the federal government. Hamilton hoped to strengthen the economic centrality of the federal government by allowing the bank to issue loans, mint currency, handle government funds, and issue treasury notes, but as with Hamilton's proposal to assume the public debts, Southerners opposed the “bank bill.” They thought it gave excessive powers to the federal government at the expense of the states, and Hamilton’s most ardent political opponent, Thomas Jefferson, had other reasons to oppose the bill. Always a fan of agriculture, Jefferson saw the bank as no friend of farmers, figuring it was geared exclusively towards helping urban businessmen improve their fortunes. To some extent, Hamilton wouldn't disagree with this assessment: he thought the United States was destined not to be a Jeffersonian agrarian nation, but a large industrial one.
The First Bank of the United States had been one of the original issues that helped form the political rift between Hamilton and Jefferson that created the Federalist and Democratic-Republican parties, but it had been re-chartered even with a Democratic-Republican in office in the early 19th century. However, when Andrew Jackson was in office in the summer of 1832, he vetoed the bill to re-charter the Second Bank of the United States, whose current 20-year charter was up. Much as Jefferson opposed the First Bank of the United States, Jackson thought the bill benefitted rich Northern industrialists, not the common man on the frontier. Nicholas Biddle, the bank's president, tried to mobilize support in Congress to pass the bill over the president's veto, but his attempt failed, creating a national controversy over the unsettled status of the country's central bank.
Jackson wanted to kill the bank altogether. To do so, he decided to remove all federal government deposits from the bank, so on September 10, 1833, after his reelection, Jackson ordered that all federal government deposits be removed from the bank. Led by Senator Henry Clay, the Senate censured President Jackson, the first time in history a president was censured, but Jackson also had some supporters.
As this early history suggests, ambivalence toward central banking and paper money, combined with the ad hoc nature of policymakers’ responses caused severe problems. These issues came to a head during the Panic of 1907, which provoked a major reassessment of America’s banking system. Progressive Era reformers like President Woodrow Wilson walked a tightrope, balancing fears of centralized wealth with the undeniable need for a rational mechanism to help govern the country’s economy. The system they created represented half a loaf, its many compromises and weaknesses corrected by the response to two other crises: the Great Depression and the Cold War. The Federal Reserve System that has existed since the Accord of 1951 has cooled the passionate conflict over central banking and rendered obsolete many of the monetary questions that so animated Americans in previous centuries.
Listeners also enjoyed...
-
Field Marshal Albert Kesselring
- The Life and Legacy of Nazi Germany's Most Popular Commander
- By: Charles River Editors
- Narrated by: Colin Fluxman
- Length: 1 hr and 38 mins
- Unabridged
-
Overall
-
Performance
-
Story
Albert Kesselring holds a strange place in the history of World War II. A commander in the Luftwaffe, he is remembered as much for the skill with which he oversaw the German armies as for his mastery of the air fleets. Called "Uncle Albert" by many of his men and "Smiling Albert" by the Allies, he was widely respected by men on both sides of the war and loved by many of his troops, yet he was responsible for massacres in occupied Italy for which he was condemned to death during the post-war trials.
-
-
brief overview
- By Brian on 04-20-23
-
The End of the World Is Just the Beginning
- Mapping the Collapse of Globalization
- By: Peter Zeihan
- Narrated by: Peter Zeihan
- Length: 16 hrs and 44 mins
- Unabridged
-
Overall
-
Performance
-
Story
For generations, everything has been getting faster, better, and cheaper. Finally, we reached the point that almost anything you could ever want could be sent to your home within days - even hours - of when you decided you wanted it. America made that happen, but now America has lost interest in keeping it going.
-
-
Everyone dies except Americans
- By preetam on 06-22-22
By: Peter Zeihan
-
Crimea
- By: Orlando Figes
- Narrated by: Malk Williams
- Length: 20 hrs and 38 mins
- Unabridged
-
Overall
-
Performance
-
Story
The terrible conflict that dominated the mid-19th century, the Crimean War, killed at least 800,000 men and pitted Russia against a formidable coalition of Britain, France and the Ottoman Empire. It was a war for territory, provoked by fear that if the Ottoman Empire were to collapse then Russia could control a huge swathe of land from the Balkans to the Persian Gulf. But it was also a war of religion, driven by a fervent, populist and ever more ferocious belief by the Tsar and his ministers that it was Russia's task to rule all Orthodox Christians and control the Holy Land.
-
-
Outstanding History of the Crimean War
- By Rick Sailor on 11-08-18
By: Orlando Figes
-
The First Sino-Japanese War
- The History and Legacy of the Conflict That Doomed the Chinese Empire and Led to the Rise of Imperial Japan
- By: Charles River Editors
- Narrated by: Colin Fluxman
- Length: 1 hr and 15 mins
- Unabridged
-
Overall
-
Performance
-
Story
Completing the Meiji Restoration that heralded the dawn of a new era for both Japan and Asia, the island nation found itself thrust into the modern world, a world of industry and conquest. Flexing its new muscles, the burgeoning power soon came to blows with the regional power that for centuries dominated the area politically and culturally: China. Also seeking to modernize in the wake of Western exploitation, China struggled to adapt to the changing times, doing everything it could to maintain a balance between modernity and tradition. Japan found that balance.
-
-
Japan's rise before WW1 and WW2
- By Rosalyn Mendez on 03-26-24
-
A History of Christianity
- By: Paul Johnson
- Narrated by: Wanda McCaddon
- Length: 28 hrs and 30 mins
- Unabridged
-
Overall
-
Performance
-
Story
First published in 1976, Paul Johnson's exceptional study of Christianity has been loved and widely hailed for its intensive research, writing, and magnitude. Weaving a great range of material, the scholar and author Johnson creates an ambitious panoramic overview of the evolution of the Western world since the founding of a little-known "Jesus sect".
-
-
Read Brant Pitre's the case for Jesus instead.
- By Catherine BFT on 05-08-17
By: Paul Johnson
-
The History of Philosophy
- By: A. C. Grayling
- Narrated by: Neil Gardner
- Length: 28 hrs and 6 mins
- Unabridged
-
Overall
-
Performance
-
Story
The story of philosophy is an epic tale, spanning civilizations and continents. It explores some of the most creative minds in history. But not since the long-popular classic by Bertrand Russell, A History of Western Philosophy, published in 1945, has there been a comprehensive and entertaining single-volume history of this great, intellectual, world-shaping journey.
-
-
A much needed update to Bertrand Russell's classic
- By Michael on 06-27-20
By: A. C. Grayling
-
Field Marshal Albert Kesselring
- The Life and Legacy of Nazi Germany's Most Popular Commander
- By: Charles River Editors
- Narrated by: Colin Fluxman
- Length: 1 hr and 38 mins
- Unabridged
-
Overall
-
Performance
-
Story
Albert Kesselring holds a strange place in the history of World War II. A commander in the Luftwaffe, he is remembered as much for the skill with which he oversaw the German armies as for his mastery of the air fleets. Called "Uncle Albert" by many of his men and "Smiling Albert" by the Allies, he was widely respected by men on both sides of the war and loved by many of his troops, yet he was responsible for massacres in occupied Italy for which he was condemned to death during the post-war trials.
-
-
brief overview
- By Brian on 04-20-23
-
The End of the World Is Just the Beginning
- Mapping the Collapse of Globalization
- By: Peter Zeihan
- Narrated by: Peter Zeihan
- Length: 16 hrs and 44 mins
- Unabridged
-
Overall
-
Performance
-
Story
For generations, everything has been getting faster, better, and cheaper. Finally, we reached the point that almost anything you could ever want could be sent to your home within days - even hours - of when you decided you wanted it. America made that happen, but now America has lost interest in keeping it going.
-
-
Everyone dies except Americans
- By preetam on 06-22-22
By: Peter Zeihan
-
Crimea
- By: Orlando Figes
- Narrated by: Malk Williams
- Length: 20 hrs and 38 mins
- Unabridged
-
Overall
-
Performance
-
Story
The terrible conflict that dominated the mid-19th century, the Crimean War, killed at least 800,000 men and pitted Russia against a formidable coalition of Britain, France and the Ottoman Empire. It was a war for territory, provoked by fear that if the Ottoman Empire were to collapse then Russia could control a huge swathe of land from the Balkans to the Persian Gulf. But it was also a war of religion, driven by a fervent, populist and ever more ferocious belief by the Tsar and his ministers that it was Russia's task to rule all Orthodox Christians and control the Holy Land.
-
-
Outstanding History of the Crimean War
- By Rick Sailor on 11-08-18
By: Orlando Figes
-
The First Sino-Japanese War
- The History and Legacy of the Conflict That Doomed the Chinese Empire and Led to the Rise of Imperial Japan
- By: Charles River Editors
- Narrated by: Colin Fluxman
- Length: 1 hr and 15 mins
- Unabridged
-
Overall
-
Performance
-
Story
Completing the Meiji Restoration that heralded the dawn of a new era for both Japan and Asia, the island nation found itself thrust into the modern world, a world of industry and conquest. Flexing its new muscles, the burgeoning power soon came to blows with the regional power that for centuries dominated the area politically and culturally: China. Also seeking to modernize in the wake of Western exploitation, China struggled to adapt to the changing times, doing everything it could to maintain a balance between modernity and tradition. Japan found that balance.
-
-
Japan's rise before WW1 and WW2
- By Rosalyn Mendez on 03-26-24
-
A History of Christianity
- By: Paul Johnson
- Narrated by: Wanda McCaddon
- Length: 28 hrs and 30 mins
- Unabridged
-
Overall
-
Performance
-
Story
First published in 1976, Paul Johnson's exceptional study of Christianity has been loved and widely hailed for its intensive research, writing, and magnitude. Weaving a great range of material, the scholar and author Johnson creates an ambitious panoramic overview of the evolution of the Western world since the founding of a little-known "Jesus sect".
-
-
Read Brant Pitre's the case for Jesus instead.
- By Catherine BFT on 05-08-17
By: Paul Johnson
-
The History of Philosophy
- By: A. C. Grayling
- Narrated by: Neil Gardner
- Length: 28 hrs and 6 mins
- Unabridged
-
Overall
-
Performance
-
Story
The story of philosophy is an epic tale, spanning civilizations and continents. It explores some of the most creative minds in history. But not since the long-popular classic by Bertrand Russell, A History of Western Philosophy, published in 1945, has there been a comprehensive and entertaining single-volume history of this great, intellectual, world-shaping journey.
-
-
A much needed update to Bertrand Russell's classic
- By Michael on 06-27-20
By: A. C. Grayling
-
Born in Blackness
- Africa, Africans, and the Making of the Modern World, 1471 to the Second World War
- By: Howard W. French
- Narrated by: James Fouhey
- Length: 16 hrs and 49 mins
- Unabridged
-
Overall
-
Performance
-
Story
Born in Blackness vitally reframes the story of medieval and emerging Africa, demonstrating how the economic ascendancy of Europe, the anchoring of democracy in the West, and the fulfillment of so-called Enlightenment ideals all grew out of Europe's dehumanizing engagement with the "dark" continent. In fact, French reveals, the first impetus for the Age of Discovery was not—as we are so often told, even today—Europe's yearning for ties with Asia, but rather its centuries-old desire to forge a trade in gold with legendarily rich Black societies in the heart of West Africa.
-
-
American History World History Our History
- By Bill on 06-13-22
By: Howard W. French
-
The Price of Peace
- Money, Democracy, and the Life of John Maynard Keynes
- By: Zachary D. Carter
- Narrated by: Robert Petkoff
- Length: 22 hrs and 50 mins
- Unabridged
-
Overall
-
Performance
-
Story
At the dawn of World War I, a young academic named John Maynard Keynes hastily folded his long legs into the sidecar of his brother-in-law’s motorcycle for an odd, frantic journey that would change the course of history. Swept away from his placid home at Cambridge University by the currents of the conflict, Keynes found himself thrust into the halls of European treasuries to arrange emergency loans and packed off to America to negotiate the terms of economic combat.
-
-
A must read for post COVID-19 crisis
- By Amazon Customer on 06-02-20
-
Crashed
- How a Decade of Financial Crises Changed the World
- By: Adam Tooze
- Narrated by: Simon Vance, Adam Tooze
- Length: 25 hrs and 27 mins
- Unabridged
-
Overall
-
Performance
-
Story
Current events have deep roots, and the key to navigating today’s roiling policies lies in the events that started it all — the 2008 economic crisis and its aftermath. Despite initial attempts to downplay the crisis as a local incident, what happened on Wall Street beginning in 2008 was, in fact, a dramatic caesura of global significance that spiraled around the world, from the financial markets of the UK and Europe to the factories and dockyards of Asia, the Middle East, and Latin America.
-
-
A vaccine against substance free deceivers
- By Gary on 08-19-18
By: Adam Tooze
-
Goliath
- The 100-Year War Between Monopoly Power and Democracy
- By: Matt Stoller
- Narrated by: Jonathan Davis
- Length: 20 hrs and 17 mins
- Unabridged
-
Overall
-
Performance
-
Story
A startling look at how concentrated financial power and consumerism transformed American politics, resulting in the emergence of populism and authoritarianism, the fall of the Democratic Party - while also providing the steps needed to create a new democracy.
-
-
The Fall of American Populist Economics
- By Charlie Morton on 02-26-20
By: Matt Stoller
-
Going Big
- FDR’s Legacy, Biden’s New Deal, and the Struggle to Save Democracy
- By: Robert Kuttner, Joseph E. Stiglitz - foreword
- Narrated by: Robert Kuttner
- Length: 7 hrs and 15 mins
- Unabridged
-
Overall
-
Performance
-
Story
Joe Biden has found his way back to Franklin Roosevelt's New Deal. After four decades of diminishing prospects for ordinary people, the public likes what Biden is offering. Yet American democracy is in dire peril as Republicans, increasingly the national minority, try to destroy democracy in order to cling to power. It is the best of times and the worst of times. In Going Big, best-selling author and political journalist Robert Kuttner assesses the promise and peril of this critical juncture.
-
-
So simple and so clear
- By Tim on 07-15-22
By: Robert Kuttner, and others
-
Collusion
- How Central Bankers Rigged the World
- By: Nomi Prins
- Narrated by: Ellen Archer
- Length: 14 hrs and 30 mins
- Unabridged
-
Overall
-
Performance
-
Story
In this searing exposé, former Wall Street insider Nomi Prins shows how the 2007-2008 financial crisis turbo-boosted the influence of central bankers and triggered a massive shift in the world order. Packed with tantalizing details about the elite players orchestrating the world economy, Collusion takes the listener inside the most discreet conversations at exclusive retreats like Jackson Hole and Davos. A work of meticulous reporting and bracing analysis, Collusion will change the way we understand the new world of international finance.
-
-
Fair history survey, lazy characterizations
- By Philo on 05-09-18
By: Nomi Prins
-
A History of Money and Banking in the United States: The Colonial Era to World War II
- By: Murray N. Rothbard
- Narrated by: Matthew Mezinskis
- Length: 13 hrs and 48 mins
- Unabridged
-
Overall
-
Performance
-
Story
In what is sure to become the standard account, Rothbard traces inflations, banking panics, and money meltdowns from the colonial period through the mid-20th century to show how government's systematic war on sound money is the hidden force behind nearly all major economic calamities in American history. Never has the story of money and banking been told with such rhetorical power and theoretical vigor. You will treasure this volume.
-
-
Great facts (if selective); ideological rigidity
- By Philo on 02-04-16
-
All the Presidents' Bankers
- The Hidden Alliances That Drive American Power
- By: Nomi Prins
- Narrated by: Marguerite Gavin
- Length: 19 hrs and 56 mins
- Unabridged
-
Overall
-
Performance
-
Story
Nomi Prins ushers us into the intimate world of exclusive clubs, vacation spots, and Ivy League universities that binds presidents and financiers. She unravels the multi-generational blood, intermarriage, and protégé relationships that have confined national influence to a privileged cluster of people. This unprecedented history of American power illuminates how financiers have retained their authoritative position through history, swaying presidents regardless of party affiliation.
-
-
You better like history about the elite and rich
- By Victor on 01-12-15
By: Nomi Prins
-
Inside Money
- Brown Brothers Harriman and the American Way of Power
- By: Zachary Karabell
- Narrated by: Zachary Karabell
- Length: 17 hrs and 16 mins
- Unabridged
-
Overall
-
Performance
-
Story
In Inside Money, acclaimed historian, commentator, and former financial executive Zachary Karabell offers the first full and frank look inside this institution against the backdrop of American history. Blessed with complete access to the company's archives, as well as a thrilling understanding of the larger forces at play, Karabell has created an X-ray of American power - financial, political, cultural - as it has evolved from the early 1800s to the present.
-
-
Brilliant, well researched & highly insightful
- By Mongezi on 02-11-22
By: Zachary Karabell
-
The Forgotten Depression
- 1921: The Crash That Cured Itself
- By: James Grant
- Narrated by: Rick Adamson
- Length: 9 hrs and 18 mins
- Unabridged
-
Overall
-
Performance
-
Story
In 1920-1921, Woodrow Wilson and Warren G. Harding met a deep economic slump by seeming to ignore it, implementing policies that most 21st-century economists would call backward. Confronted with plunging prices, wages, and employment, the government balanced the budget and, through the Federal Reserve, raised interest rates. No "stimulus" was administered, and a powerful, job-filled recovery was under way by late 1921. Yet by 1929, the economy spiraled downward as the Hoover administration adopted the policies that Wilson and Harding had declined to put in place.
-
-
Best thinking-sharpener I know of
- By Philo on 03-11-20
By: James Grant
-
The Economists' Hour
- False Prophets, Free Markets, and the Fracture of Society
- By: Binyamin Appelbaum
- Narrated by: Dan Bittner
- Length: 13 hrs and 18 mins
- Unabridged
-
Overall
-
Performance
-
Story
In this fascinating character-driven history, a New York Times editorial writer and Pulitzer Prize finalist spotlights the American economists who championed the rise of markets and fundamentally reshaped the modern world.
-
-
One-sided ridicule of economists
- By Fountain of Chris on 09-06-19
-
The Progressive Era
- By: Murray N. Rothbard
- Narrated by: Graham Wright
- Length: 24 hrs and 10 mins
- Unabridged
-
Overall
-
Performance
-
Story
Rothbard's posthumous masterpiece is the definitive book on the Progressives. It will soon be the must read study of this dreadful time in our past. (from the foreword by Judge Andrew P. Napolitano) The current relationship between the modern state and the economy has its roots in the Progressive Era. (from the introduction by Patrick Newman) In short, the Progressive Era ushered the modern American politico-economic system into being. (from the preface by Murray N. Rothbard)
-
-
Details... Oh my God, the details
- By Russell Herbst on 05-25-18